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Bitcoin at $16,000 – Houston, we have arrived

Photo of: Joseph Stone
by Joseph Stone

Today, Bitcoin (BTC), the most popular cryptocurrencies, has surpassed the $16,000 mark, a first since January 2018, approaching its all-time high of almost $20,000, an ATH reached in December 2017.

The BTC stayed above $16,000 for about half an hour before correcting downwards. At 10:39 a.m. (UTC), the BTC was trading at $15,923 USD and was up 3% in one day and 10% in one week. The price rose 41% in a month and 83% in a year. At the time of writing, 5PM GMT, Bitcoin is around $16,100 showing no sign of going down.

It took Bitcoin a week to go from $15,000 to $16,000. The other major cryptocurrencies have hardly moved today. Is the new cycle of altcoin that we had recently announced still a few weeks away?

As stated last week, according to Northman Trader founder Sven Henrich, as long as the BTC can stay above the breaking trend line, it has a “significant higher technical margin”. In other words, the technical indicators are all showing no sign of slowing down.

“Note also that Bitcoin shows some retracement action and has a smaller margin for possible retesting of the trend line. But note that within the larger consolidation, a potentially much more bullish pattern has emerged, that of a potential reversal that would indicate a price approaching $17,000,” he said. This could happen before the end of the month and give some merit to the bullish predictions for Bitcoin at $20,000, it’s all time high, in 2020.

“In recent years, we’ve been waiting to see how cryptocurrencies were going to go to the mainstream and cross the chasm. We only got the answer this month,” said Matt Hougan, Chief Investment Officer (CIO) of Bitwise Asset Management, in a commentary this week, recalling the news about PayPal’s crypto initiative and JPMorgan Bank’s pro-Bitcoin statements.

It seems like the momentum of this bull run is very strong, much stronger than one solely driven by traders trying to make a quick profit.